MUMBAI: World Bank group company IFC said it will extend $85 million in loan to Dewan Housing Finance for affordable and energy-efficient housing.

Of the total loan, given with the support of Canada government, IFC will provide $70 million through external commercial borrowing, a press release issued said, adding that the remaining USD 15 million will come from the IFC-Canada climate change programme to financing green mortgages.

The green loan to Dewan will reduce 6,200 tonne carbon emissions per year, the release claimed.

"By demonstrating the benefit of green homes, the project is expected to help home buyers in low and middle income segments buy affordable energy-efficient homes," Serge Devieux, IFC director for South Asia said in the release.

Commenting on the development, Dewan Housing Chairman and Managing Director Kapil Wadhawan said the investment will demonstrate the viability of offering housing finance to low and middle income clients.

IFC, in 2003 also provided a loan of around $12.5 million to Dewan Housing Finance. IFC also co-invested in Aadhar Housing Finance, a company jointly promoted by DHFL Group and IFC, which provides affordable home loans to low income borrowers.

Latest Realty News

MUMBAI: In his first full-fledged review of the monetary policy, Reserve Bank of India (RBI) Governor Raghuram Rajan stuck to the continuing hawkish stance of inflation control first, which has seen the repo rate go up by another 25 basis points. The repo rate is the rate at which the central bank lends money (liquidity) to the financial system, and is the key policy rate. After the RBI action on October 29, it stands at 7.75 per cent.

MUMBAI: Recently, the Securities and Exch-ange Board of India's Chairman, UK Sinha said that if Reits have to succeed, they will have to be tax-efficient. He further said he will ask tax-authorities to consider tax incentives for real estate investment trusts. "We'll talk to the I-T department to make it happen," he added.

PUNE: The Pimpri Chinchwad New Township Development Authority (PCNTDA) administration has warned as many as 375 builders saying that the builders would be blacklisted if they fail to transfer the ownership of the flats, constructed by them, in the buyers’ name through conveyance deed in the next three months.

MUMBAI: It was in 2009 that the then municipal commissioner Jairaj Phatak introduced a system whereby all building plans would be submitted on a compact disc and permissions and concessions granted online. The approved plans then were to be displayed on the BMC’s website for citizens to know what had been sanctioned.

MUMBAI: Recently, in the case of Larsen & Toubro, the Larger Bench ruled that Value Added Tax (VAT) would apply on “under-construction property”, and upheld two earlier decisions from the Supreme Court and the Bombay High Court.

MUMBAI: The quantum of large commercial space leased out dipped sharply last quarter. While Delhi saw a drop of 91% sequentially and 66% over the March quarter, the trend in Mumbai was only slightly better — the fall was 50% sequentially and 62% over the January-March period. Indeed, there seem to be few takers for office space of more than 1 lakh square feet — just 1.2 lakh sq ft was rented in Delhi in the September quarter while in Mumbai the area was 2.5 lakh sq ft.

MUMBAI: It is not an easy time to be an investor. Even though you may be spoilt for choice, there is a high degree of volatility across asset classes. This means that one has to be extra cautious while choosing investments. Whether you are opting for equity, fixed income, property or gold, the current environment will punish you for rash or untimely decisions. For those who have just started saving, taking the initial steps into the world of investing is even more daunting. It's the same for any

NASHIK: At a time when the industrial and real estate sectors have been facing economic slowdown since the last two years, the festive season from Dussehra to Diwali brought relief to real estate and automobile sectors. From October 5 to November 3, these sectors generated business worth over Rs 300 crore in the city.